SEC Adopts Amendments to Form S-3 and Form F-3 to Expand Eligibility to Smaller Companies

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Smaller companies will soon be allowed to benefit from the greater flexibility and efficiency in accessing the U.S. public securities markets afforded by Form S-3 and Form F-3 under the Securities Act of 1933. Expanded eligibility in the use of these forms creates new opportunities for smaller companies to facilitate capital formation and may serve as a viable alternative to other available capital-raising methods like private placements. This article discusses the recent amendments to Form S-3 and Form F-3, including the benefits afforded to smaller companies and the eligibility requirements to use the forms.